1. Page 1 of 2
TECHNICAL ANALYSIS: QE INDEX AND KEY STOCKS TO CONSIDER
QE Index: Short-Term – Bounce Back
The QE Index ended the session in the green with a gain of around
114 points (0.9%) and reclaimed the 13,000.0 psychological level.
The index once again defended its strong support of 12,900.0 and
recovered, as buyers stepped in and offset all the weakness.
However, the index needs to sustain above 13,020.0 on a closing
basis in order to advance further. On the flip side, any retreat below
the 13,020.0 level may result in a pullback.
Milaha: Short-Term – Upmove
QNNS gained further and cleared the 21-day moving average on the
back of increased participation. The stock has been showing strength
over the past few days and is in an upmove mode. Moreover, the RSI
is in the buy zone, while the MACD is closing the signal line in a
positive way. We believe the stock may continue to advance and test
QR96.50, followed by QR97.80. On the other hand, any dip below the
21-day moving average may halt its current upmove.
Al Rayan Islamic Index: Short-Term – Bounce Back
The QERI Index moved higher and rose around 35 points (0.8%) to
settle at 4,378.2. After reaching an intraday low of 4,309.9, the index
recovered all its losses and showed strength on the back of sustained
buying interest. However, traders are advised to watch if there is any
further follow-through to yesterday’s rebound. Meanwhile, the index
may extend its gains if it closes above 4,400.0. Conversely, the index
could find support at the 4,341.0 level.
Ooredoo: Short-Term – Pullback
ORDS failed to make any further headway toward QR128.0 and
drifted lower. The stock has been consolidating in a range over the
past few days. Meanwhile, the stock developed a bearish Marubozu
candlestick formation on daily charts, providing a bearish signal. With
both the indicators pointing down, we believe the stock may not cling
onto its support of QR126.0 and decline further to test QR124.50.
However, the stock may rebound, if it stays above QR126.0.
Gulf International Services: Short-Term – Upmove
GISS built on its gains and cleared the important resistance of
QR111.90. Notably, volumes were also large on the rise, indicating
optimism among traders. Moreover, the RSI has rebounded from its
lows and is showing strength, indicating a likely continuation of this
upmove. Traders could consider buying the stock at the current level
and on declines up to QR112.0 for an immediate target of QR115.00,
with a strict stop loss of QR111.90.
Barwa Real Estate Co.: Short-Term – Rebound
BRES bounced back and reclaimed the QR39.70 level yesterday.
Further, the stock developed a bullish engulfing candlestick formation,
indicating a likely continuation of this rebound. The RSI is also
showing strength, which is a positive sign. We believe the stock may
proceed toward QR40.20. Any move above this level may spark
additional buying interest and push the stock further to test QR41.00.
However, a dip below QR39.70 could drag the stock down.

2. Contacts
Saugata Sarkar Abdullah Amin, CFA Shahan Keushgerian Sahbi Kasraoui Ahmed Al-Khoudary QNB Financial Services SPC
Head of Research Senior Research Analyst Senior Research Analyst Manager - HNWI Head of Sales Trading – Institutional Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6569 Tel: (+974) 4476 6509 Tel: (+974) 4476 6544 Tel: (+974) 4476 6548 PO Box 24025
saugata.sarkar@qnbfs.com.qa abdullah.amin@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa ahmed.alkhoudary@qnbfs.com.qa Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is
regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal,
tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS
believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or
warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express
viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 2 of 2
*These stocks are today’s suggested ideas
Overall Methodology: The charts and descriptions on Page 1 provide an indicative view of the future direction of the equities mentioned. The table on page 2 has been provided to denote historical movements in certain stocks. The historical trend analysis uses 21- and 55- day SMAs for indicating short-term and long-term trends, respectively. Based on these SMAs, the historical direction of the trend is denoted as UP, DOWN or FLAT.
Selection of Key Stocks of the Day: Key stocks’ selection is based on our analysis of 19 members of the QE Index (excludes QNBK QD). Analysis includes identifying trends (short-term as well as long-term), patterns and support/resistance levels.
Trend Direction: The methods used to determine trend direction are subjective in nature. We use 21-day SMA and 55-day SMA, absolute price movements, price movements relative to SMAs and accurately drawn trend lines and chart patterns to determine the short- and long-term trends.
Investment Horizon: The definition of short term and long term depends upon investors’ preferences and their investment objectives. As a rule of thumb, the time horizon for traders/short-term trend is 1-3 weeks while it is 1-3 months for investors/long-term trend.
Combining Technical and Fundamental Analysis: Investors can combine technical analysis (TA) with fundamental analysis (FA) to maximize their investment returns. While the “True Value” of stocks could be estimated by FA, the entry and exit timings could be fine tuned using technical analysis to benefit from short-term movements in stock prices.
Trading Tactics: The trend direction should be analyzed based on the time-horizon of your investments. In general, investors attempt selling close to resistance levels during a downtrend and attempt buying close to support levels during uptrend.
Definitions:
1> Simple Moving Average (SMA): A SMA is the average of the closing price of a security for a given period.
2> RSI (Relative Strength Index): A technical momentum indicator that ranges from 0 to 100 and compares the stock’s recent price movements by evaluating recent gains and losses. Stocks with RSI above 70 could be considered overbought and below 30 could be considered oversold. If the RSI falls below 70, it is a bearish signal. On the other hand, if the RSI rises above 30 it is considered bullish. We use a RSI of 14 days.
3> MACD (Moving Average Convergence Divergence): MACD denotes the relationship between two moving averages, which is used to spot changes in strength, direction, momentum and duration of a stock price trend. The MACD is calculated by subtracting the 26-day exponential moving average (EMA) from the 12-day EMA. A nine-day EMA of the MACD, called the signal line, is also plotted on top of the MACD, functioning as a trigger for buy/sell signals. The MACD line above the signal line provides a positive signal and vice versa. Name (Ticker) Last Close Trend Support Resistance
Short Term
Long Term
First
Second
First
Second Qatar Exchange Index (QE Index) 13,076.41 DOWN DOWN 13,019.55 12,939.80 13,100.00 13,195.88 Al Rayan Islamic Index (QERI Index) 4,378.18 DOWN DOWN 4,341.10 4,301.89 4,400.00 4,444.86 Banks and Financial Services
Banks and Masraf Al Rayan (MARK QD)
51.20
DOWN
DOWN
50.40
48.90
51.80
52.80 Commercial Bank of Qatar (CBQK QD) 70.00 DOWN DOWN 69.70 68.40 70.70 71.50
Doha Bank (DHBK QD)
57.90
DOWN
DOWN
57.00
55.80
58.00
59.20 Qatar Islamic Bank (QIBK QD) 109.30 DOWN DOWN 107.00 104.50 110.00 111.00
Qatar International Islamic Bank (QIIK QD)
82.60
DOWN
DOWN
81.00
79.90
83.00
84.90 Qatar Insurance (QATI QD) 99.00 FLAT UP 99.00 97.00 100.00 100.90 Consumer Goods and Services
Consumer Goods Medicare Group (MCGS QD)
124.00
DOWN
DOWN
121.50
118.20
124.75
126.50 Industrials
Industrials
Industries Qatar (IQCD QD)
185.10
DOWN
DOWN
184.00
182.50
186.40
188.50 Qatar Electricity & Water Co. (QEWS QD) 183.50 DOWN DOWN 182.00 180.00 184.00 186.00
Gulf International Services (GISS QD)*
113.10
DOWN
DOWN
111.90
109.00
115.00
118.10 Qatari Investors Group (QIGD QD) 48.85 DOWN DOWN 48.05 47.70 49.75 51.00 Real Estate
Real Estate
Barwa Real Estate Co. (BRES QD)*
40.00
DOWN
DOWN
39.70
39.20
40.20
41.00 United Development Co. (UDCD QD) 27.00 DOWN DOWN 26.70 26.45 27.35 27.85
Ezdan Holding Group (ERES QD)
18.19
DOWN
DOWN
18.10
17.50
18.50
18.97 Mazaya Qatar Real Estate Development (MRDS QD) 21.45 DOWN DOWN 21.20 20.55 21.50 22.09 Telecom
Telecom
Ooredoo (ORDS QD)*
126.00
DOWN
DOWN
126.00
124.50
128.00
129.70 Vodafone Qatar (VFQS QD) 19.56 DOWN DOWN 19.29 18.75 20.00 20.40 Transportation
Transportation
Nakilat (QGTS QD)
23.39
DOWN
DOWN
23.00
22.48
23.40
23.90 Milaha (QNNS QD)* 95.70 UP UP 94.50 93.00 96.50 97.80